SandRidge is a small-cap, gas-weighted Anadarko Basin pure-play that pivoted from restructuring to a cash-return-plus-growth model: it carries no term debt, a net-cash position of ~$100M ($2.7/share), pays a regular dividend and buys back stock while funding low-risk development.
2025 marked a return to growth — production rose ~12% YoY to 18.5 MBoe/d driven by the Cherokee Play acquisition in the Anadarko Basin, with a further ~$65M Cherokee bolt-on signed in June 2026; adjusted EBITDA was ~$101M on ~$156M revenue and net income of ~$70M.
Its EV/EBITDA of 4.0x is below the 5.9x median across the 142-company universe, the free-cash-flow yield of 8.6% is higher than the 6.5% median, and at $5.80/boe of proved reserves it is cheaper than the $13.51/boe median.
On a balanced screen across the universe, SandRidge Energy scores 61/100, strongest on valuation (76/100). Sub-scores: value 76, quality 55, growth 21, risk 37 (higher = riskier).
SandRidge Energy holds approximately 0.07 billion boe of proved (1P) reserves with FY2025 production of about 18 thousand boe/d (51% liquids), a reserve life of roughly 10.2 years. Break-even: ~$3/MMBtu (HH gas breakeven) — Low-decline, low-cost Mid-Continent (Mississippian Lime / Cherokee) base; net-cash balance sheet and no term debt keep corporate breakeven around ~$3/MMBtu Henry Hub with modest oil contribution supporting cash margins.
Using SandRidge Energy's SEC-disclosed after-tax standardized measure of proved reserves ($0.4bn) less net debt ($-0.1bn) gives an equity-NAV floor of about $0.6bn — the current market capitalisation sits -9% versus that floor. Disclosed pre-tax PV-10: $0.4bn. This is a floor: proved reserves only, excluding undeveloped inventory, downstream and other business lines.
| Country / region | Prod. share | Country risk | Key jurisdiction risk |
|---|---|---|---|
| United States | 100% | 23 | Stable, deep; federal-lands leasing and permitting policy swings. |
Enerquill Advisory provides asset valuation, petroleum fiscal modelling and risk analysis for oil, gas and LNG transactions — including bespoke, deal-specific NAV and acquirer–target screens that go well beyond this public data.
Work with us →About Enerquill| Asset | Location | Type | Notes |
|---|---|---|---|
| Asset | Country | Type | note |
| Mid-Continent legacy (Mississippian Lime) | United States | Gas/oil | Low-decline base — Oklahoma/Kansas |
| Cherokee Play (Anadarko) | United States | Oil/gas | 2025 acquisition — primary production growth driver |
| Cherokee Play bolt-on | United States | Acquisition | ~$65M definitive agreement signed June 2026 |
| NW STACK | United States | Oil/gas | Oklahoma development inventory |
| Saltwater disposal / infrastructure | United States | Midstream | Owned SWD & gathering supports low LOE |
| Cash / net-cash balance sheet | United States | Financial | ~$100M net cash, no term debt — M&A optionality |
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Production (mboe/d) | 18 | 18 | 18 | 16 | 18 |
| Proved reserves (bnboe) | 0.09 | 0.09 | 0.09 | 0.09 | 0.07 |
| Revenue ($bn) | 0.2 | 0.3 | 0.1 | 0.1 | 0.2 |
| EBITDA ($bn) | 0.1 | 0.2 | 0.1 | 0.1 | 0.1 |
| Net income ($bn) | 0.1 | 0.2 | 0.1 | 0.1 | 0.1 |
| Free cash flow ($bn) | 0.1 | 0.1 | 0.1 | -0.1 | 0.0 |
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✓ FY2025 figures verified against primary sources: